Gold breaks US$1,500 over growing economic headwinds
A weekly market summary for gold, August 5-9
Add BT as a preferred sourceGOLD prices broke new ground (2019 highs) as safe haven flows surged over rising economic uncertainties. The United States has branded China as a currency manipulator after the People's Bank of China (PBOC) fixed the official midpoint reference for the Yuan above 7.00 per dollar.
Escalating tensions between the world's two largest economies raised bullion's appeal tremendously, as investors sought safe haven shelter over growing market turbulence. Shaky economic fundamentals and mounting geopolitical challenges look poised to take gold prices higher as investors turn increasingly risk-off in the current term.
What should investors look out for in the longer term?
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